Portfolio Details as of 03/31/2016

Weighted Average Market Cap.
89.5 B
P/E Ratio
22.2x
P/B Ratio
3.7x
Portfolio Turnover Ratio as of 11/30/2015
57.9%
Number of Holdings
86
Total Net Assets
$1.92 B

Portfolio Positioning as of 03/31/2016

  • Lowe’s Companies, Inc., a home improvement retailer, is the portfolio’s largest overweight position, relative to its benchmark, the S&P 900® 10-Year Dividend Growth Index, as of March 31, 2016. Lowe’s sales are benefitting from strong consumer demand and better merchandising.  The stock remains attractively priced relative to peers and should benefit from strong capital return prospects.
  • The portfolio also is overweight, relative to its benchmark, in Walgreens Boots Alliance, Inc., a drugstore services company.  The company announced the acquisition of Rite Aid during the previous quarter; we expect this deal to be accretive beginning in 2017, adding to an already undervalued earnings potential. 
  • Hasbro, Inc., a provider of leisure-time products and services, is another overweight position relative to the portfolio’s benchmark.  We believe the company is attractively priced given its ability to build brand loyalty and generate new streams of revenue from its licensing businesses like Star Wars, Marvel, and Disney Princess.

Sector Allocationas of 03/31/2016

Sector Weighting Fund Change from Previous Quarter
Materials arrowDown0.4%
Utilities arrowUp0.3%
Financials arrowUp0.8%
Information Technology arrowUp3.7%
Consumer Discretionary arrowDown1.6%
Health Care arrowDown1.6%
Telecommunication Services arrowDown0.4%
Industrials arrowDown0.7%
Energy arrowUp0.3%
Consumer Staples arrowDown0.5%

Attribution Analysis 

Calibrated Dividend Growth Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Strongest & Weakest Performers

Strongest Performers

Holding Contribution
Verizon Communications, Inc. 0.4%
3M Co. 0.4%
Accenture Ltd. 0.3%
Hasbro, Inc. 0.3%
AT&T, Inc. 0.3%

Weakest Performers

Holding Contribution
Monsanto Co. -0.2%
Cardinal Health, Inc. -0.2%
AmerisourceBergen Corp. -0.1%
SEI Investments Co. -0.1%
Archer-Daniels-Midland Co. -0.1%
Fund Dividends & Cap Gains next tab

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